On Thursday, 19th May, a conference was held by the Iceland Chamber of Commerce in cooperation with LEX law firm, LOGOS legal services and the University of Reykjavik, entitled 'Dominant Market Position and the Application of Competition Law'. The conference was held at the Harpa concert and conference hall and was well attended. The keynote speakers were Professor Richard Wish of King's College London, Simen Karlsen, Chief Economist at Copenhagen Economics, and Páll Gunnar Pálsson, Director General of the Competition Authority.
The Competition Authority thanks these parties for their initiative in fostering a much-needed discussion on competition matters. The fact that a university, a powerful business interest group, and two of the largest law firms in the country join forces to host a discussion of this kind demonstrates the importance of the subject matter in the times we live in.
Following the speeches by the main speakers and questions from the floor, a panel discussion took place, with the addition of Finnur Oddsson, Managing Director of the Icelandic Chamber of Commerce, and Benedikt Jóhannesson, Editor of Vísbending.
From a speech by Páll Gunnar Pálsson, Director General of the Competition Authority:
In this country, the three banks that were built on the ruins of fallen banks have dictated the life and death of businesses in most competitive markets for almost three years. Businesses that in many cases were over-leveraged and some still are. Businesses many of which have experienced a huge contraction in demand and revenue. In these circumstances, there is a significant risk of increased concentration. The situation also creates the risk that companies will be tempted to abuse their dominant market position or seek illegal cooperation with competitors in order to remedy the situation. Such actions often involve the transfer of the burden from the companies concerned to their customers and, frequently, to consumers.
Speech Páls Gunnars Pálsson's in English
Slides Páls Gunnars with a speech
See also website Chamber of Commerce.
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